After weathering an icy crypto winter in the previous year, Bitcoin (BTC) has orchestrated a remarkable comeback in 2023.
Fueled by easing macroeconomic pressures and improved market conditions, Bitcoin’s value has nearly tripled since the year’s start amid a reignited investor interest in the world’s largest cryptocurrency.
However, the spotlight remains on the highly anticipated approval of the inaugural spot exchange-traded fund (ETF) in the US, seen as a pivotal catalyst propelling BTC’s resurgence. Additionally, the imminent 2024 halving event adds another layer of anticipation, historically associated with significant price surges in Bitcoin.
In this context, Finbold had a chat with the artificial intelligence (AI) bot ChatGPT on December 29, seeking its insights into the predicted trajectory of Bitcoin’s price in 2024 and the key factors that could make a significant impact.
What did ChatGPT say?
In its response, ChatGPT said that predicting Bitcoin’s future price trajectory is a challenging task due to a combination of uncertain factors that come into play.
However, the AI tool acknowledged that a possible approval of a spot Bitcoin ETF and the forthcoming halving event could be significant growth catalysts, and “may contribute to supply-side dynamics.”
“In this speculative scenario, considering a positive market sentiment, heightened institutional adoption, and potential macroeconomic factors, Bitcoin could reach a peak of $85,000 to $100,000 in 2024.”
– ChatGPT replied.
This price range suggests a potential upside of 98%-133% from BTC’s current price.
As for the primary drivers that could fuel this rally, OpenAI’s chatbot listed five key factors, including the continuation of the ongoing bull run, spot ETF approval by US regulators, market volatility, halving impact, and positive macro developments.
“The potential approval of a spot Bitcoin ETF could bring more institutional money into the Bitcoin market, potentially driving demand and prices.”
– the bot added.
In this case, the world’s largest crypto asset could exceed the $100,000 milestone. This prediction mirrors some of the most bullish forecasts on BTC’s price issued in recent months.
Meanwhile, the chatbot highlighted that predicting crypto prices is still a highly speculative effort, adding that BTC’s actual price may be influenced by a wide range of factors that are currently difficult to foretell accurately.
Bitcoin was changing hands at $42,836 at the time of writing, up 0.6% on the day, 13.2% on the month, and more than 157% year-to-date.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
